The consortium composed of Sun Hung Kai Properties (00016.HK), China Overseas Land & Investment (00688.HK), Great Eagle Holdings (00041.HK), and Chinese Estates Holdings (00127.HK) acquired the Kai Tak residential site for 5.35 billion yuan in September last year. Recently, they applied to the Town Planning Board to relax the building height restriction for Plot 2, and the Planning Department did not object. Therefore, it is expected that after the review by the Town Planning Board tomorrow (Day 20), there is a high chance that the application will be approved by the board.

The application to change the zoning of Plot 2 currently falls under the 'Comprehensive Development Area (4)', proposing the development of layered residential buildings, commercial shops, service industries, and restaurants, as well as a slight relaxation of the building height restriction. This time, the application seeks to increase the building height from 125 meters to 129.035 meters, approximately an increase of about 4.035 meters or about 3.2%. The residential portion will have a plot ratio of 6.5, with a 35-storey building (excluding 3 basement levels) of mixed-use, providing approximately 930 units and a total floor area of approximately 43.87 square feet. (vc/k)

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